Non-Arm’s Length Transactions. In the event that Lessee uses, sells or otherwise disposes of leased substances without a non-arm’s-length contract or xxxx of sale, Lessee shall promptly notify Lessor of such use, sale or disposal. The Director may then determine and assign the Gross Value to the leased substances for royalty purposes after taking into account spot market prices, the value of similar or like leased substances reported by other trust lands lessees, the value of like mineral commodities as reported by the United States Geological Survey, and other pertinent economic data regarding the fair market value of the leased substances, f.o.b. the mine.
Appears in 7 contracts
Samples: Geothermal Energy Lease, Mineral Lease, Mineral Lease (Boxwoods, Inc)
Non-Arm’s Length Transactions. In the event that Lessee uses, sells or otherwise disposes of leased substances without a non-arm’s-arm’s length contract or xxxx of sale, Lessee shall promptly notify Lessor of such use, sale or disposal. The Director may then determine and assign the Gross Value to the leased substances for royalty purposes after taking into account spot market prices, the value of similar or like leased substances reported by other trust lands lessees, the value of like mineral commodities as reported by the United States Geological Survey, and other pertinent economic data regarding the fair market value of the leased substances, f.o.b. the mine.
Appears in 2 contracts
Samples: Mineral Lease (Petroteq Energy Inc.), Mineral Lease (Petroteq Energy Inc.)
Non-Arm’s Length Transactions. In the event that Lessee uses, sells or otherwise disposes of leased substances without a non-arm’s-length contract or xxxx of bill xx sale, Lessee shall promptly notify Lessor of such use, sale or disposal. The Director may then determine and assign the Gross Value to the leased substances for royalty purposes after taking into account spot market prices, the value of similar or like leased substances reported by other trust lands lessees, the value of like mineral commodities as reported by the United States Geological Survey, and other pertinent economic data regarding the fair market value of the leased substances, f.o.b. the mine.
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